Gross Domestic Product: Legal Services (5411) in Delaware
DELEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,486.60
Year-over-Year Change
116.92%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Delaware trend measures the economic output of the legal services industry in the state. It is a key indicator of the health and activity of Delaware's professional services sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series tracks the inflation-adjusted value added by the legal services industry to Delaware's overall GDP. It provides insights into the size and performance of this important component of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
Policymakers and business analysts monitor this trend to understand the dynamics of Delaware's professional services market.
Key Facts
- Delaware's legal services industry accounts for over 8% of the state's GDP.
- The legal services sector has seen steady growth in Delaware in recent years.
- The COVID-19 pandemic led to a temporary decline in legal services output in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the economic output or value added by the legal services industry (NAICS code 5411) to Delaware's overall gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and importance of Delaware's professional services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and business analysts monitor this trend to understand the dynamics of Delaware's professional services market and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Delaware (DELEGALNGSP), retrieved from FRED.